Market report: ASX declines as MinRes reports $800 million loss
Published: 01:09 19 Feb 2025 EST
The ASX 200 declined by 0.73% on Wednesday, closing at 8,419.2 points, falling below its 20-day moving average. Over the past five days, the index has lost 1.36% and is currently 2.28% below its 52-week high.
Corporate Travel Management rose nearly 10% to $16.54 per share after reporting a strong first-half financial performance. The company recorded an underlying EBITDA of $77.4 million and revenue of approximately $342 million. It retained 97% of existing clients and secured new client contracts with an estimated annualised Total Transaction Value of $600 million.
Mineral Resources dropped $6.32 (20%) to $24.18, reaching a yearly low. The company reported a statutory loss of $807 million after tax and suspended its dividend. Underlying EBITDA was $302 million, down 55% from the previous period, with management attributing the decline to lower commodity prices despite record earnings from its Mining Services division.
Six sectors closed lower. Energy fell 2.35% and financials dropped just over 2%. Utilities was the strongest performer, rising 0.84%.
In the small caps Terra Metals Ltd increased 14.3% to a daily high of $0.032 on receiving high-grade titanium results in addition to high concentrations of copper, platinum group metals (PGMs) and vanadium which extend the strike at Reef 1 North within the Dante Project in WA.
Synertec Corporation Ltd moved up 12.5% to $0.045 and Titan Minerals Ltd investors sent shares 11.35% higher to $0.54 on confirming high gold and silver recoveries at the Dynasty Project in Ecuador.
Anteris Technologies Global Corp improved $1.36, or 11.34%, to $13.36; Nexus Minerals Ltd reached a daily high of $0.065, an increase of 10.17%; Lindian Resources Ltd lifted 8.7% to $0.10; and Pantoro Ltd was 7.15% higher to $0.15
